After several years of house price falls, Nigeria’s property information mill now stabilizing, mainly driven by improving economic conditions. House prices were almost unchanged, amidst steady demand.
“The residential market in 2018 was lacking significant alterations in prices in comparison to the previous year,” said Nigeria-based online real-estate firm, naijahouses.com.
However, this masks local house price movements. Ikoyi, one of the most affluent neighborhood of Lagos, registered the highest y-o-y house price development of 20% in May 2019, accompanied by Ibeju Lekki, with annual price increase of 12%, determined by figures through the Nigeria Property Centre. House prices in Lekki, Ajah, Gbagada, Surulere, and Yaba were largely steady.
Alternatively, Ikorodu saw the most important loss of house prices of 25% during the year to May 2019, as well as Ikeja (-16.7%), Alimosho (-10.7%), Isolo (-9.1%), and Victoria Island (-8.7%).
Lagos is among the most expensive city in Africa. In Ikoyi, the average price of three-bedroom apartments was NGN 140 million (US$388,906) in H2 2018 while five-bedroom apartments are sold on an average expense of NGN 350 million (US$972,266).
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